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Jack Henry announces TheWayiPay

MONETT, Mo. (9/10/10)--Jack Henry announced TheWayiPay, the standalone version of the iPay person-to-person (P2P) electronic payment solution, will be available in the fourth quarter. TheWayiPay allows anyone with a bank account to use that account to send and receive money. The service is accessible through credit unions’ and banks’ Web sites and leverages the same secure processing as online banking transactions. Payments can be made using only the recipient’s name and e-mail. The money is deducted from the sender’s account and deposited directly in the recipient’s account in one to three business days with payment confirmations sent to the recipient’s e-mail address. iPay’s P2P service is used by more than 2,150 financial institutions. It has supported more than 5.5 million person-to-person payments with more than 96,000 monthly transactions ranging from $1 to $10,000. Because of iPay’s acceptance in the financial industry, TheWayiPay is expected to generate significant interest, Jack Henry said. “We believe the speed and convenience of P2P transactions could fundamentally change the payments business,” said Bill Ready, president of iPay Technologies. About 60 million U.S. households will use P2P by 2014, according to Javelin Strategy and Research.